(1)
An overseas investment in sensitive land is the acquisition by an overseas person, or an associate of an overseas person, of all or any of the following (a section 12 interest):
an estate or interest in land if—
the land that the estate or interest relates to is sensitive land under Part 1 of Schedule 1; and
the estate or interest acquired is—
a freehold estate; or
if the land that the interest relates to is residential land, any interest in land (other than an exempted interest) for a total term (as calculated in accordance with Schedule 1A) of 3 years or more; or
if the land that the interest relates to is sensitive (but not residential) land, any interest in land (other than an exempted interest) for a total term (as calculated in accordance with Schedule 1A) of 10 years or more:
rights or interests in securities of a person (A) if A owns or controls (directly or indirectly) an estate or interest in land described in paragraph (a) and, as a result of the acquisition,—
the overseas person or the associate (either alone or together with its associates) has a more than 25% ownership or control interest in A; or
the overseas person or the associate (either alone or together with its associates) has an increase in an existing more than 25% ownership or control interest in A that—
results in an ownership or control interest in A that equals or exceeds their ownership or control interest limit as set out in subsection (2); or
is in securities of A of a different class to the class in which their existing interest is held; or
gives the overseas person or the associate (either alone or together with its associates) any or more disproportionate access to or control of a strategically important business; or
A becomes an overseas person in any of the following circumstances:
A is a body corporate that is a New Zealand listed issuer and meets the control test in section 7(3)(b):
A is a managed investment scheme that is a New Zealand listed issuer and meets the control test in section 7(4)(b):
A is not a New Zealand listed issuer.
(2)
The ownership or control interest limits are as follows:
if their existing ownership or control interest in A amounts to more than 25% but less than 50%, their ownership or control interest limit is 50%:
if their existing ownership or control interest in A amounts to 50% or more but less than 75%, their ownership or control interest limit is 75%:
if their existing ownership or control interest in A amounts to 75% or more, their ownership or control interest limit is 100%.
Section 12: replaced, on 5 July 2021, by section 6 of the Overseas Investment Amendment Act 2021 (2021 No 17).